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Ally Bank Rejected Me and I’m a Little Confused

   Posted On: October 15, 2014  |    Posted In: Personal Finance 101  |     Posted by: Broke Millennial®

For those who read Part I of this saga (What Happened When I Tried to Open an Ally Bank Savings Account), I bring you the next installment. And no, this quest isn’t over!

Rejected - Ally Savings Large copyA few weeks ago, I attempted to ditch my current savings account and switch to an Ally Bank savings account. My current bank offers 0.20 percent on savings accounts with $10,000 or more. While this is still 0.10 percent more than many other banks offer, I wanted my $10,000+ emergency fund to be living up to its full potential.

Ally Bank currently offers 0.90 percent on their savings account. This isn’t the highest in the market right now. GE Capital Bank and Synchrony Bank are both offering 0.95 percent on their savings accounts.

That 0.05 percent could be a $10 difference (or higher) over the course of two years. However, I’ve heard wonderful things about Ally and their customer service, which was enough to compel me to pick them, and lose $5 a year.

Unfortunately, when I tried to open my Ally Bank savings account I got a screen prompting me to call Ally’s 24/7 customer service line.

As I wrote in my last piece, the polite customer service representative informed me that sometimes they need a bit more information to confirm a person’s identity. She couldn’t complete the process on the call and instead I needed to wait two to seven business days for either a phone call or a letter in the mail.

About five days letter the news came in the mail: REJECTED.

Read on to find out why and what’s next over at MagnifyMoney.com.

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12 responses to “Ally Bank Rejected Me and I’m a Little Confused

  1. That sucks. I’d be confused too and I would have hoped that they could provide a better explanation. I didn’t change my address on my driver’s license when I applied for the account either and I was approved…though my address was still in the same general area, not out of state.

  2. You may want to try calling the customer service line again. I remember I had an issue when I first set up my Ally account as well. I’ve been with Ally for years now and have since had no issues with them.

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